Mali Franc
| Mali Franc | |
|---|---|
 |
|
| Country: | Mali |
| Subdivision: | 100 centimes |
| ISO 4217 code : | MLF |
| Abbreviation: | FM |
|
Exchange rate : (December 31, 1983) |
1 FM = 0.0033 DM |
The Mali Franc ( French Franc malien ) was the currency of Mali from July 1, 1962 to July 1, 1984 when it was replaced by the CFA Franc . The currency was not freely convertible .
When it was first introduced, a Mali Franc was equivalent to a CFA Franc, the first devaluation took place in 1963. Another devaluation followed on May 6, 1967.
Although Mali had its own currency with the franc, the country never officially left the CFA franc zone , but in fact it no longer belonged to the monetary union.
history
The Mali Franc was introduced as a result of independence in order to allow the country to pursue an independent monetary and interest rate policy from the rest of the CFA Franc zone. At this time, Mali was moving closer to the Eastern Bloc politically ; Coins and banknotes of the new currency were made in Czechoslovakia .
The Mali Franc was introduced on July 1, 1962 and replaced the previously valid CFA Franc. Until July 15, 1962, the population had time to exchange their cash. Monetary independence was enforced by the government and was never really accepted by the Malians due to a constant fear of devaluation. When trading with neighboring countries, especially Senegal , they preferred the more stable CFA franc (because it was linked to the French franc ), which had remained legal tender in these countries. The government eventually banned the conversion of Mali francs to CFA francs, arrested and imprisoned users of the CFA franc, and devalued the Mali franc by 50% in 1967 to revive the Malian economy. However, since the Mali franc never found acceptance in the country, Mali returned to the CFA franc in 1984.
Coins and banknotes
The first coins of 5, 10 and 25 francs from the minting year 1961 were issued in July 1962. A second series in aluminum-bronze came into circulation from 1975, this series was supplemented by a 100 franc coin.
The first banknotes were dated September 22, 1960, when the country left the Mali Federation and were issued by the Banque de la Republique du Mali. The values of the banknotes were 50, 100, 500, 1000 and 5000 francs. From 1971 the Banque Centrale du Mali took over the issue of banknotes in the denominations of 100 to 10,000 francs.
literature
- Torsten König: The rule-based currency system of the Franc zone through the ages. Tectum-Verlag, Marburg 2012, p. 41 f. ISBN 978-3-8288-8270-6
Web links
- Images of the banknotes , accessed April 19, 2013
- Images of the coins , accessed April 19, 2013
Individual evidence
- ^ Fischer Weltalmanach 1985, column 347, ISBN 3-596-19085-1